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Private housing rental market seen being squeezed by 3 factors

They are record home completions, tighter inflow of expats, stricter property tax regime

Singapore

THE private rental housing market is set to come under pressure on the back of record private home completions, a tighter inflow of expat tenants into Singapore and a stricter property tax regime.

Latest official statistics show that private residential rents slipped for the second consecutive quarter - easing 0.7 per cent quarter on quarter in Q1 2014. This was a slightly bigger drop than the 0.5 per cent dip in Q4 last year.

"What we have seen so far are relatively modest drops, until we feel the full effects of the new supply completions," said JLL national director Ong Teck Hui.

The vacancy rate for completed private homes (excluding executive condominiums or ECs) increased to 6.6 per...

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